OREM, DEVELOPER CLOSE DEAL ON TECHNOLOGY PARK

The deal selling 111 acres of city-owned property to Richards Development for Cascade Technology Park is now final.

City Manager Daryl Berlin said Richards has met all the conditions of the purchase agreement and has closed the deal. Richards paid the city $5,000 down and will make 10 annual payments plus 9 percent interest. The total sale price is $1,005,000. Besides the purchase price, the city will also receive 10 percent of the golf course's gross revenues.Richards now owns the 54 acres that Cascade Fairways Golf Course is built on, plus about 60 acres of foothill property northeast of the golf course. Berlin said Richards has options on about 110 other acres of private property adjacent to the course but has not yet exercised those options.

Richards plans to expand the golf course to 18 holes, which will surround a technology park. Richards also plans to develop some residential areas adjacent to the park. According to the purchase agreement, Richards must have the new 18-hole golf course open by Sept. 1, 1992.

Before construction on the park and golf course can begin, however, Richards must reach an agreement with Kevin and Herb Stratton, who have a lease on the golf course property. Richards must also finalize financing and have the property rezoned and have site plans approved. The City Council earlier changed the master plan to allow the area to be zoned PD-11, a zone allowing the golf course and technology park, but it did not rezone the property.

"It's up to them now, they have resolved everything they had to with us," Berlin said.